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U.S. v. GRAYSON

No. 88-5733.

879 F.2d 620 (1989)

UNITED STATES of America, Plaintiff-Appellee, v. John N. GRAYSON; Dorothy L. Grayson, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided July 6, 1989.

Attorney(s) appearing for the Case

Mary Fabre LeVine, Cappello & Foley, Santa Barbara, Cal., for defendants-appellants.

Carolyn M. Reynolds, Asst. U.S. Atty., Deputy Chief, Civ. Div., Los Angeles, Cal., and Stephen M. Booth, Staff Atty., U.S. Dept. of Commerce, Washington, D.C., for plaintiff-appellee.

Before FLETCHER and KOZINSKI, Circuit Judges, JENSEN, District Judge.

KOZINSKI, Circuit Judge:

I

The United States Department of Commerce's Economic Development Agency (EDA) entered into an agreement to loan $2 million to Univox-California, Inc.1 John L. Grayson, president and sole shareholder of Univox, and his wife Dorothy Grayson, executed an unconditional guaranty of the entire loan.

Univox failed to make any installment payments on the loan after July 1985. On February 25, 1986, EDA...

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